Oil prices likely to move mixed

The Department of Energy (DoE) is expecting fuel prices to ease slightly next week amid volatile global oil movements and shifting supply dynamics, according to preliminary industry estimates.

DOE Oil Industry Management Bureau Director Rodela Romero said in a statement on Friday that gasoline is likely to drop by around P0.17 per liter, diesel by about P0.54 per liter, and kerosene by roughly P0.47 per liter.

She noted that the latest estimates are based on four days of trading in the Mean of Platts Singapore, excluding oil firms’ operational costs and other premiums.

According to Romero, the estimated movements were prompted by oversupply concerns, higher US inventories, a ceasefire agreement between Israel and Hamas, and the possible United States government shutdown.

However, Jetti Petroleum, Inc. President Leo Bellas estimated that gasoline could rise by P0.40 to P0.60 per liter, while diesel prices may range from no change to a rollback of P0.10 per liter.

“Diesel held firm even while slightly easing, with movement mirroring broader crude markets, which held steady on the lower-than-expected OPEC+ output increases in November,” Bellas said.

“Gasoline remained supported due to an uptick in domestic demand from China and India, and healthy spot demand from Indonesia,” he added.

He explained that although average prices declined this week, import premiums—covering freight costs and supplier margins—resulted in a smaller diesel rollback and higher gasoline prices.

“Premiums are projected to ease down after Israel and Hamas have agreed to a ceasefire,” Bellas said, noting that crude and trading prices are also expected to fall.

Earlier this week, fuel firms raised pump prices by P0.20 per liter for gasoline and kerosene, and by P0.80 per liter for diesel.